Bank rate cut by a further 1 percent

The Bank of England has cut the base interest rate buy a further 1 percent in the third rate cut in as many months. The rate cut took place following the December Monetary Policy Committee Meeting, where it was decided by committee members that a further cut in interest rates was necessary in order to try and boost the flagging economy through increasing consumer spending. Read more

Tags: committee, base rate, confidence, interest rates, Monetary Policy Committee, right

Government stick up for councils over Iceland cash

Following the collapse of Icelandic banks earlier this month it was revealed that over one hundred councils across the country had lost millions of pounds, which they had invested in the Icelandic banks, which then went bust. There was outrage amongst consumers, who wanted to know why the council had been putting money into these banks, and the government was unable to provide any guarantee that the councils would receive back their money. Read more

Tags: case basis, work, Politics, right, honour, iceland banks, compensation scheme guarantees, Local government in England

Many banks get all clear over bank charges

Following recent hearings in the next stage of the overdraft bank charge High Court case, many of the UK’s banks have received a clean bill of health from the presiding judge, who has said that most customers will not be able to use the law to challenge the terms that the banks in question have used. However, he has not given the all clear to Intelligent Finance or NatWest. And is still looking at the terms laid out by these banks. Read more

Tags: bank, overdraft, question, right, bank charges

Consumer Action Group: People should reclaim overdraft charges

Many people seem unaware that they can reclaim unfair bank charges, which may be leading them into greater financial difficulty, says the Consumer Action Group.

Founder of the group, Marc Gander, has said that British people often feel a sense of responsibility if they receive bank charges, however these fines could actually be unlawful.

The Office of Fair Trading (OFT) recently won the right to investigate whether overdraft charges by banks are excessive, following a court case in which banks argued that the OFT does not have jurisdiction over the matter. The banks have until May 22nd to appeal the ruling.

According to the BBC, banks refunded about £784 million to nearly 378,000 customers last year.

Mr Gander said that consumers “shouldn’t feel blameworthy, they shouldn’t feel responsible, because it’s the banks that have caused this by levying what we think are unlawful charges”.

He advised consumers to start claiming immediately if they feel they have been unfairly charged.

Tags: Debit card, court case, Transactional account, Marc Gander, group founder, right, unlawful.the office, year

Supply concerns follow Hips launch

Following the implementation of Home Information Packs (Hips) for three-bedroom properties this Monday, the National Association of Estate Agents (NAEA) has expressed fears that the market for three-bedroom properties could now decline.

The UK’s leading professional body estate agency said that 63 per cent of its 10,000 members had seen a similar downturn in sales of four-bedroom properties after Hips were first introduced at the beginning of August.

The fall in sales, which was as large as 37 per cent in some regions, was attributed to homeowners staying away from the property market in order to avoid having to pay for a Hip.

“Our concerns have always been that the introduction of Hips would lead to a lack of supply following implementation,” said chief executive of the NAEA, Peter Bolton King.

“The most important thing for consumers and the market right now is that the government maintains the right for first day marketing of a property.”

NAEA members have also revealed that the average price being paid for Hips is currently around £350, and that most packs are excluding the voluntary home condition report, which is considered by many as the only useful part of the pack after the energy performance certificate.

With the implementation of Hips for three-bedroom homes, 60 per cent of the total housing stock is now covered by the government’s new rules.

Tags: National Association of Estate Agents, Business Finance, total housing stock, downturn, Law in the United Kingdom, GBP, right, lack

Barclays eagle comes down for Dutch bank bid?

A Dorset branch of Barclays Bank has had an eagle emblem removed in a bid to avoid “Nazi” connotations, it has been claimed.

The metal eagle, which has stood outside Barclays House in Poole for 30 years, was taken down on Sunday.

There has also been speculation that the bank is being especially attentive to the sensitivities of its Dutch customers, due to its current takeover bid for Amsterdam-based ABM Amro.

Anti-German feeling in Holland stems from the country’s occupation by the Nazis – in whose symbolism the eagle features prominently.

The bank claimed officially that the bird was out of date – with a different version of the eagle currently being used for Barclays’ branding.

Nevertheless, an anonymous source at the bank told the Times that the eagle had been “rather Teutonic-looking”, and might have had “unfortunate connotations”.

Barclays has in fact been branded with an eagle symbol since 1728, when it moved to new premises in the City, according to the BBC.

It is currently locked in a battle with a rival consortium headed up by the Royal Bank of Scotland for the right to take over the Dutch bank.

Tags: Business Partnership, bid, unfortunate connotations".Barclays, speculation, right, eagle symbol, Poole, nazis